Two Sigma Investments
Two Sigma Investments, a quant hedge fund overseeing $70.90B in disclosed equity holdings (SEC CIK 0001179392). The latest portfolio (2025Q4) discloses 3467 positions across 11 sectors, with the largest positions in XLY, XLK and VUG. On a mark-to-market basis the tracked portfolio has returned 28.3% over the past year. OpenStocks tracks 40 consecutive quarterly snapshots for this manager — every position change, new entry, and exit is logged below.
What Two is holding in options
Two Sigma Investments disclosed 62 option positions for the 2025Q1 quarter — 8 long-calls and 54 long-puts — totaling $815.1M of underlying-share notional value. The largest exposures are a put on CCL, a put on RIVN, a put on LITE. Notional values reflect the value of the underlying shares at the quarter-end snapshot, not the option premium paid.
Options & derivatives
62 positions · $815.1M notional8 CALL · $68.4M54 PUT · $746.7M| Type | Underlying | Shares | Notional | % of book |
|---|---|---|---|---|
| PUT | CCLCARNIVAL CORP | 4.8M | $94.7M | 0.2% |
| PUT | RIVNRIVIAN AUTOMOTIVE INC | 4.3M | $53.6M | 0.1% |
| PUT | LITELUMENTUM HLDGS INC | 766K | $47.8M | 0.1% |
| PUT | S9QSPIRIT AEROSYSTEMS HLDGS INC | 1.1M | $38.6M | 0.1% |
| PUT | STWDSTARWOOD PPTY TR INC | 1.9M | $36.7M | 0.1% |
| PUT | BURLBURLINGTON STORES INC | 149K | $35.4M | 0.1% |
| PUT | G7997R103SEAGATE TECHNOLOGY HLDNGS PL | 387K | $32.9M | 0.1% |
| PUT | MPMP MATERIALS CORP | 1.1M | $26.5M | 0.1% |
| PUT | SMTCSEMTECH CORP | 730K | $25.1M | 0.1% |
| CALL | UBERUBER TECHNOLOGIES INC | 328K | $23.9M | 0.1% |
| PUT | G66721104NORWEGIAN CRUISE LINE HLDG L | 1.2M | $23.5M | 0.1% |
| PUT | AXONAXON ENTERPRISE INC | 43K | $22.5M | 0.0% |
| PUT | XLFSELECT SECTOR SPDR TR | 414K | $20.6M | 0.0% |
| PUT | CHTRCHARTER COMMUNICATIONS INC N | 54K | $19.9M | 0.0% |
| PUT | MSTRMICROSTRATEGY INC | 68K | $19.7M | 0.0% |
| CALL | XLFSELECT SECTOR SPDR TR | 390K | $19.4M | 0.0% |
| PUT | MARAMARATHON DIGITAL HOLDINGS IN | 1.6M | $18.3M | 0.0% |
| PUT | UGIUGI CORP NEW | 546K | $18.0M | 0.0% |
| CALL | NEENEXTERA ENERGY INC | 209K | $14.8M | 0.0% |
| PUT | LYVLIVE NATION ENTERTAINMENT IN | 113K | $14.8M | 0.0% |
| PUT | FRPTFRESHPET INC | 172K | $14.3M | 0.0% |
| PUT | SPBSPECTRUM BRANDS HLDGS INC NE | 189K | $13.5M | 0.0% |
| PUT | AALAMERICAN AIRLS GROUP INC | 1.3M | $13.4M | 0.0% |
| PUT | SHAKSHAKE SHACK INC | 148K | $13.0M | 0.0% |
| PUT | BXMTBLACKSTONE MTG TR INC | 626K | $12.5M | 0.0% |
| PUT | PPLPPL CORP | 335K | $12.1M | 0.0% |
| PUT | EQXEQUINOX GOLD CORP | 1.7M | $11.4M | 0.0% |
| PUT | SPHRMADISON SQUARE GRDN ENTERTNM | 344K | $11.2M | 0.0% |
| PUT | CENXCENTURY ALUM CO | 542K | $10.1M | 0.0% |
| PUT | SBSWSIBANYE STILLWATER LTD | 1.8M | $8.3M | 0.0% |
| PUT | NOGNORTHERN OIL AND GAS INC MN | 265K | $8.0M | 0.0% |
| PUT | BYNDBEYOND MEAT INC | 2.6M | $7.8M | 0.0% |
| PUT | ABNBAIRBNB INC | 62K | $7.4M | 0.0% |
| PUT | CALYCALLAWAY GOLF CO | 1.1M | $7.0M | 0.0% |
| PUT | AMATAKAMAI TECHNOLOGIES INC | 76K | $6.1M | 0.0% |
| PUT | G11448100BITDEER TECHNOLOGIES GROUP | 608K | $5.4M | 0.0% |
| PUT | PCGPG&E CORP | 311K | $5.3M | 0.0% |
| PUT | XLESELECT SECTOR SPDR TR | 47K | $4.4M | 0.0% |
| CALL | XLESELECT SECTOR SPDR TR | 47K | $4.4M | 0.0% |
| CALL | SPYSPDR S&P 500 ETF TR | 6.0K | $3.4M | 0.0% |
| PUT | SPYSPDR S&P 500 ETF TR | 6.0K | $3.4M | 0.0% |
| PUT | PMTPENNYMAC MTG INVT TR | 217K | $3.2M | 0.0% |
| PUT | G4412G101HERBALIFE NUTRITION LTD | 286K | $2.5M | 0.0% |
| PUT | GMEGAMESTOP CORP NEW | 104K | $2.3M | 0.0% |
| PUT | GU9GUESS INC | 192K | $2.1M | 0.0% |
| PUT | HTGCHERCULES CAPITAL INC | 97K | $1.9M | 0.0% |
| PUT | ABRARBOR REALTY TRUST INC | 150K | $1.8M | 0.0% |
| PUT | PENNPENN NATL GAMING INC | 102K | $1.7M | 0.0% |
| PUT | SMHVANECK ETF TRUST | 7.0K | $1.5M | 0.0% |
| CALL | SMHVANECK ETF TRUST | 7.0K | $1.5M | 0.0% |
| PUT | BABAALIBABA GROUP HLDG LTD | 10K | $1.3M | 0.0% |
| PUT | ETSYETSY INC | 28K | $1.3M | 0.0% |
| PUT | WOLF*WOLFSPEED INC | 350K | $1.1M | 0.0% |
| PUT | JBLUJETBLUE AWYS CORP | 187K | $901K | 0.0% |
| PUT | HASIHANNON ARMSTRONG SUST INFR C | 25K | $731K | 0.0% |
| PUT | KRESPDR SER TR | 9.9K | $563K | 0.0% |
| CALL | KRESPDR SER TR | 9.9K | $563K | 0.0% |
| CALL | TLTISHARES TR | 4.7K | $428K | 0.0% |
| PUT | TLTISHARES TR | 4.7K | $428K | 0.0% |
| PUT | NOVAQSUNNOVA ENERGY INTL INC. | 816K | $303K | 0.0% |
| PUT | CORZCORE SCIENTIFIC INC NEW | 15K | $110K | 0.0% |
| PUT | 91325V108UNITI GROUP INC | 10K | $50K | 0.0% |
Notional = value of the underlying shares at the quarter-end snapshot, not the option premium paid. A long PUT is a bearish bet on the underlying; a long CALL is a bullish bet. The reported value is included in the portfolio total but does not reflect actual capital at risk.